| 1 | 1 | | 84R2577 JJT-D |
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| 2 | 2 | | By: Campbell S.B. No. 249 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to dedicating certain state revenue to the purpose of |
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| 8 | 8 | | retiring state general obligation debt. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter F, Chapter 403, Government Code, is |
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| 11 | 11 | | amended by adding Section 403.098 to read as follows: |
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| 12 | 12 | | Sec. 403.098. STATE DEBT RETIREMENT ACCOUNT; TRANSFERS. |
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| 13 | 13 | | (a) In this section, "account" means the state debt retirement |
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| 14 | 14 | | account. |
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| 15 | 15 | | (b) The state debt retirement account is an account in the |
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| 16 | 16 | | general revenue fund. |
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| 17 | 17 | | (c) Except as provided by Subsection (d), money in the |
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| 18 | 18 | | account may be appropriated only to pay principal of or interest on |
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| 19 | 19 | | state general obligation debt or to make a payment under a credit |
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| 20 | 20 | | agreement related to a state general obligation. |
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| 21 | 21 | | (d) Money in the account may be appropriated for any purpose |
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| 22 | 22 | | on a two-thirds vote of the members present in each house of the |
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| 23 | 23 | | legislature. |
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| 24 | 24 | | (e) Each time the comptroller, as provided by Section |
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| 25 | 25 | | 49-g(b) or (c), Article III, Texas Constitution, reduces an amount |
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| 26 | 26 | | of general revenue that otherwise is to be transferred to the |
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| 27 | 27 | | economic stabilization fund, the comptroller at the same time shall |
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| 28 | 28 | | transfer to the credit of the account an amount of general revenue |
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| 29 | 29 | | equal to the amount by which the comptroller reduced the amount of |
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| 30 | 30 | | the transfer to the economic stabilization fund. |
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| 31 | 31 | | (f) Each time the comptroller, as provided by Section |
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| 32 | 32 | | 49-g(i), Article III, Texas Constitution, credits to general |
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| 33 | 33 | | revenue interest otherwise due to the economic stabilization fund, |
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| 34 | 34 | | the comptroller at the same time shall transfer to the credit of the |
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| 35 | 35 | | account an amount of general revenue equal to the amount of the |
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| 36 | 36 | | interest credited to general revenue. |
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| 37 | 37 | | SECTION 2. This Act takes effect September 1, 2015. |
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